When Shopkorn Is Shopworn...
What Shopkorn is saying, of course, is that the market should go down not up, but the buyers don't seem to be acting rationally. How should we interpret this judgment?
One way to say it is that things have simply changed. The market is now dominated by individuals and mutual funds that think equities are the only place to be, irrespective of the backdrop, because all other investments stink, and stocks can make you rich. Hey, what's so wrong with that? They have!
The second way is to say that Shopkorn got beaten by the Buzz and Batch crowd that think that everything Shopkorn says is negative and just plain irrelevant: interest rates, earnings, Greenspan, inflation. Buzz and Batch believe these have nothing to do with technology investing, which is in its own world, a world that is rapidly overtaking the rest of the trading world.Buzz and Batch never sell unless they get a margin call. They scheme to keep stocks up and create false breakouts and terrific charts. They beat up analysts not to downgrade stocks and they wield their hefty commission dollars to back up their points. They only have black tickets in their hands. (That's slang on Wall Street for buy tickets.)
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